Well, I dont know, but it doesnt really matter, the President replied. You see, mostly this is money we owe ourselves. I mean, Americans owe the debt and Americans own the debt. In effect, paying the debt is like taking money out of your right pocket and putting it into your left pocket. Its a wash transaction. We could eliminate most of the debt by simply canceling this shuffle.

In related news, the United States fell to 18th place in the annual Economic Freedom of the World report. Chairman of the Presidents Council of Economic Advisers Alan Krueger dismissed the reports importance saying it is overly reliant on outmoded ideas that put individual rights ahead of the collective benefits.

if you missed any of this week's other semi-news posts you can find them at...

If I take money from my right pocket and put it in my left pocket, that really is a wash.

If the government borrows money to pay daily bills, then there's a little thing called interest which enters the picture. Now we have lenders "skimming off the top" for no real benefit. So Obama's analogy fails.

John, what was typed is true, until the typed we owe it to ourselves. A nation cannot owe itself debt, unless a nation has decided inflation is to be. With inflation going through the ceiling, under the zer0 crowd, Americans pay and pay, yet the debt remains the same. Inflation is simply a symptom of a debt. Pay off the debt, inflation stabilizes mostly. Printing of money does not pay off a debt, printing money destabilizes that nation's economy. One day leaders will learn, maybe, if the plan was not (which probably was) to destabilize the nation. I wish the politicians had listened when President Reagan was in office, and had done the deal which was sealed with a handshake and a drink. The deal was ignored and the problem grew worse, thus here is where the debt has led.

4
posted on 09/23/2012 10:34:46 AM PDT
by no-to-illegals
(Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)

“....paying the debt is like taking money out of your right pocket and putting it into your left pocket.”

NO! Paying the debt, if anything is ever paid on it before foreclosure comes down upon us, will be EXACTLY like US taking money out of OUR right pocket and putting it in the Ching-Changs’ left pocket. We DON’T owe it to ourselves; we owe it to the Red Chinese!

I never ever WAS in awe of that skinny illegal alien’s mental prowess. But it turns out that, aside from his cunning and deceiptfulness, which enables him to keep so many doofuses snowed under, he’s really dumber than a box of rocks in PRACTICAL terms.

And if you think THAT’S amazing, just think of the mental capacity of the mainline media suckers who swoon at his every word, get tinglings up their legs, and overlook his stupidity?

Think about how much ‘property’ in land with resources the federal hydra calims to ‘own’. Now think of how easily they can just sign the land and resources over to the US debt holders. THEREIN is the reality of the democrat plan for ‘Amerika’. Sadly, the normalcy bias of most folks prevents them from seeing the obvious.

I saw the replay of it and couldn’t believe he said most of the debt was loaned to ourselves and it wasn’t important right now what the debt was. That debt is owed to Americans and many foreign countries that bought our bonds. China owns a large chunk of it and keeps buying it. If they stop buying, the US can’t pay their bills.

If you have to borrow every month to pay your monthly bills, and keep doing that and can’t pay anything on that debt, the lender stops lending you money, and you crash into bankruptcy. That is where our country is, we’re bankrupt but at the moment can keep borrowing every month. If China cashed in those bonds, we couldn’t pay them. That’s default and the country dies.

I know John does satire, but this interview with Letterman happened and I saw it. Husssein did say he didn't know what the debt exactly was when elected president and he did say most of the debt we owe to ourselves and he did say it doesn’t matter what the debt is right now.

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